Wells Fargo Secured Credit Card Review

By Christina Majaski. Last updated 19 July 2018. 0 comments

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If you have a poor credit rating or are just starting out and have no credit, your best option for building or rebuilding is a secured credit card. If the card reports to the three major credit bureaus, you can reach a positive credit rating by managing your account responsibly through timely payments and responsible management of the card account. While there are a number of secured cards available to choose from, many people are more comfortable choosing cards with established and well-known banks such as Wells Fargo. (See our picks for the best secured credit cards)

The Wells Fargo Secured Credit Card is similar to many other secured credit cards but includes a few different features and benefits. When considering a secured card it's best to choose according to how you plan on using the card, the fees and costs associated, and the benefits (if any) that suit your needs the best.

How the Card Works

You must send a security deposit in the amount of $300 to $10,000 when you are approved for the Wells Fargo Secured Credit Card. This deposit is held in a Collateral Account with Wells Fargo, that does not earn interest. When you receive your credit card, your credit limit is the amount of your security deposit. You can then use your card as you would any credit card. Your payments are reported to the three major credit bureaus, which helps build or rebuild your credit rating if you manage your account responsibly. You may qualify for an unsecured credit card through periodic reviews of your account, and receive a refund of your security deposit.

Other Benefits

Free credit education. Includes access to free credit education courses and tips to help in managing your credit wisely. The combination of credit education, making your payments on time, and staying within your credit limit, can help establish better credit.

Card benefits. Includes card benefits such as overdraft protection when you link your card to your Wells Fargo checking account, protection against unauthorized purchases, cellular telephone protection against damage or theft if you use your card to pay your monthly cell phone bill, and auto rental collision damage waiver.


  • $25 Annual Fee
  • 20.49% Variable APR
  • 5% Balance Transfer Fee ($5 minimum)
  • 3% Foreign Transaction Fee 


Credit education. Credit education tools and tips are free and included with this card, which help you in the process of rebuilding or building a positive credit rating. This information is not always provided with credit cards and can assist you in understanding your credit score and the elements which contribute both positively and negatively to credit.

Additional benefits. You receive additional benefits with the card, which are also not always included with secured card options. For instance, if you pay your monthly cell phone bill with your card, you can receive protection for your cell phone, and if you link your Wells Fargo checking account, you can qualify for overdraft protection.


Deposit does not earn interest. The security deposit is held by Wells Fargo in a Collateral Account, in the event you default on your credit card balance. Your deposit, however, does not earn interest while it is being held. Other cards hold the deposits in savings accounts or CDs, which allows you to earn a little extra money until you close your card account.

Foreign transaction fee. If you travel abroad frequently, this fee can add up. Foreign transaction fees are common with most secured cards but there are cards that do not charge this fee, and are better cards to carry if you frequently make foreign purchases.

Who This Card Is Best For

The Wells Fargo Secured Credit Card is best for those who are in the process of rebuilding or building credit and prefer a card with extra card benefits and the opportunity to possibly graduate to an unsecured card in the future. It is also a great card if you happen to bank with Wells Fargo or you plan to in the future. 

Info about the Wells Fargo Secured Credit Card has been collected independently by Wise Bread. The issuer did not provide the details, nor is it responsible for their accuracy.

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